if it is a blown cap, why would the amp still play and sound fine?
Sorry, OP; I don't know enough about electrical theory and function to answer that--I only know how to change parts assuming I can identify the correct ones.
I will say that I had an old preamp that was spitting and popping (but it did play) and I was talking to the tech at Cary about it (this was back when they would talk to you on the phone) and he actually did mention the possibility of a cap being bad. So I guess it is possible that a cap could be on the way out but not completely gone? I don't know for sure on that, and in the case of that preamp I just alluded to, it was actually some ancient worn out tubes.